Sebi on Monday barred Franklin Templeton AMC from launching any new debt scheme for two years and fined it Rs 5 crore for violating regulatory norms in the case of winding up of six debt schemes in 2020. Also, it has been asked to refund investment management and advisory fees to the tune of Rs 512 crore, including interest, collected with respect to the six debt schemes, Sebi said in its 100-page order. In a separate order, the regulator has barred Vivek Kudva, former head of Asia Pacific (APAC) for Franklin Templeton, and his wife Roopa from the securities market for one year for redeeming units of Franklin Templeton MF schemes while in possession of non-public information.
The MF Industry had a cash-rich 2014 as it crossed the Rs 3 trillion mark.
Equity mutual funds witnessed an outflow of Rs 9,253 crore in January, making it the seventh consecutive monthly withdrawal, primarily due to profit booking and portfolio rebalancing amid markets touching new highs. The pace of outflows from equities has however slowed for the third month and Gautam Kalia, head - Investment Solutions, Sharekhan by BNP Paribas said that it will likely turn positive soon as investors get used to the new normal. In addition, investors pulled out Rs 33,409 crore from debt mutual funds last month after investing Rs 13,863 crore in December, data from the Association of Mutual Funds in India showed on Tuesday.
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According to market regulator Securities and Exchange Board of India, MF investments in banking stocks reached Rs 48,419 crore (Rs 484.19 billion) as on May 31, accounting for 21.59 per cent of their total equity assets under management (of Rs 2.24 lakh crore or Rs 2.24 trillion).
ETFs may be an option if you are considering only large-cap funds, experts tell Tinesh Bhasin.
Over the past 25 years the MF industry has come a long way. Geographic reach has increased, many more customers have been added, more channels have been opened up and the product basket is full.
'For those looking at forward-looking signals for the economy from the stock markets, the relative performance of small and mid-caps may be a better indicator of the future than the index levels of the narrower and more popular indices', says Neelkanth Mishra.
In a statement, the central bank said heightened volatility in capital markets in reaction to Covid-19 has imposed liquidity strains on mutual funds (MFs), which have intensified in the wake of redemption pressures related to closure of some debt MFs and potential contagious effects therefrom.
In the 52 newly listed companies since 2014, fund managers have a total investment of a mere 2.5 per cent of their assets under management.
As per the latest data available with mutual fund industry body AMFI, the total AUM of ELSS, or tax-saving funds, stood at Rs 25,069 crore at the end of January 2013.
Top officials said asking employees other than the fund management team to mandatorily invest a fifth of their salary goes against the principle of natural justice.
After two consecutive years of plunge, the mutual fund industry managed to register a smart turnover in 2012, with its assets base seen nearing Rs 8 trillion with an increase of about Rs 2 trillion this year.
Total exposure of equity mutual funds to banking stocks is over Rs 42,000 crore - the highest level in more than three years.
New technologies such as block chain are throwing up new opportunities; so the axe is bound to fall on those who are still stuck in the past and not reskilling themselves, says Shyamal Majumdar.
Of the 70 international feeder funds, more than half have made losses in 2014.
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Investors should avoid jumping from their current funds into those that have outperformed lately, advises Arnav Pandya, a certified financial planner.
After a significant decline in business in the quarter ended June, leading gold loan companies are set to see a reversal of fortunes. In fact, the recovery already started in August, with a revival in the southwest monsoon.
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A new CBDT directive actively makes India-dedicated funds comparatively unattractive for institutional investors. It makes no sense, says Akash Prakash.
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In a live chat on rediff.com on Wednesday, July 16, 4 pm, Feroze Azeez, will offer some valuable suggestions on investments.
The mutual fund industry took a hit of more than Rs 16,000 crore on its asset size during 2011, even as the newly-crowned market leader HDFC MF grew in size and consolidated its top position.
Experts attributed the inflows to sudden rally in gold prices, mainly due to uneasy trade negotiations between the US and China and lower than expected global GDP growth.
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To be fair, one year is too short a period to judge the schemes' performance.
'In India, most funds have one or at most two platforms, but we are the only one which has four -- growth equity practice, real estate practice, a special situation and credit platform, and infrastructure.'
Most large fund houses, such as HDFC MF, ICICI Prudential AMC, Reliance MF, Reliance MF, Birla SunLife MF and SBI MF, have the backing of large banks or financial institutions, giving them reach and understanding, they say.
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Half a dozen stocks from the large-cap universe and over two dozen from the mid-cap universe have been replaced.
The number of fund houses are increasing each year in the fast growing Indian economy but when it comes about the size, the top five players control over half of the country's mutual fund business.
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Steep volatility in the markets has made fund managers cautious, awaiting opportunities to deploy the cash.
ICICI Bank, HDFC Bank, Infosys, SBI and L&T among fund managers' preferred bets.
If one compares returns, the two public-sector ETFs have done better over the past year, but the ELSS category has done better over the trailing three and five years.
Indian retail investors continue to sell gold ETFs.
The Association of Mutual Funds in India (Amfi) has already taken up the matter with the market regulator and the finance ministry.
